Tag Archives: Income

Jamaican Style Money Guide: Rain a Fall but Dutty Tough

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Traditional Jamaican proverbs are wonderful sources of folk wisdom that can provide people with insight into various aspects of everyday life. I like to use these adages in discussing money matters, as they often reveal essential principles of proper money management.

Recently, the rains have given us a welcome break in the prevailing drought conditions in Jamaica, but we are still experiencing severe water restrictions. This brings to mind the Jamaican saying, “Rain a fall, but dutty tough,” which means that although rain is falling, the ground is still dry and parched.

This proverb has a deeper meaning when applied to a person’s finances, as it could refer to the all-too-familiar situation in which income is being earned, but it is just not enough to cope with all the bills. Your money evaporates as soon as you get it, just like a drizzle of rain in the arid desert.

As prices rise and earnings stagnate, many people are reeling from inflationary pressure on their spending power. If you have been suffering from a prolonged money drought and this Jamaican adage resonates with you, the following strategies may help to revitalise your financial situation. Continue reading Jamaican Style Money Guide: Rain a Fall but Dutty Tough →

Budgeting Is A Must

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Last week we expanded on the concepts in our 2012 Money Manifesto and explained why focusing on your financial education is the most important investment you could make for your future.

If you’re searching to find answers to your money problems, I can assure you that you will find the solutions in books, magazines, CDs, DVDs and Internet sites that deal with financial matters.

The first money success principle that you need to learn and apply is budgeting. Our Money Manifesto states: that “I will no longer be clueless about what I spend money on, as I will take the time to document all the expenses that I expect to come during the year. I will write down all my income sources and then calculate if my earnings can cover my expenses.”

There are two main reasons why budgeting is an indispensable money management tool. Continue reading Budgeting Is A Must →

2010 Action Plan #1: Control Your Spending

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In recent times, while speaking to several persons about their money problems, I have detected a growing sense of desperation in their voices. Although many have not yet reached a stage of full-fledged panic, it is obvious that they are very worried about the current financial situation facing Jamaica.

“If I can’t make ends meet now,” a client asked perplexedly, “what’s going to happen to me when the full impact of the tax increases hits?”

I believe that good results can come out of every bad situation. The prevailing economic crisis has forced many of us to recognise that we can no longer be nonchalant or clueless about our financial condition. We have received a monetary wake-up call – it’s now time to take control of our finances!

Over the next three weeks, I will share with you an action plan that will help you to survive in these times, and set yourself on the right track to long-term financial success. Continue reading 2010 Action Plan #1: Control Your Spending →

Eight Essential Money Principles

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Very often, people ask me to provide them with one piece of advice that could help them to be more successful with their money.

Over the years I have learnt that there isn’t just one method to effectively manage your finances, create wealth, or preserve your money for the future. In fact, there are several steps which, when combined, can put you on a solid financial footing.

Here are eight guidelines that can help you successfully traverse the road to financial freedom: Continue reading Eight Essential Money Principles →

3 Ms of Money- Dealing with Debt

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Writing my first book, The 3 Ms of Money, has allowed me to take a look back in time at all the BIG money mistakes that I have made. One of the worst wrong turns I have made is to think that having access to other people’s money (OPM) would make life easier.

Borrowing money can be a very destructive practice, as it lulls you into a spending lifestyle that isn’t sustainable. When you are dependent on a source of income that doesn’t come from you, you lose sight of the fact that you are living beyond your ability to produce. As your desire for credit grows, eventually the monthly payments become too high to manage, and then your debt mushrooms beyond control. Then you have to keep on borrowing to stay afloat. Very often at this point, you can’t access any more credit and your entire financial well-being is impacted.

The Bible says that the “borrower is servant to the lender” (Proverbs 22:7). I have found this to be true. For years I worked hard to pay off thousands of dollars in loan interest. And for what? Useless trinkets and idle entertainment that were long forgotten!

I teach people that debt is not only about borrowing money. It’s any obligation where someone else has delivered their part of the deal, and you have not. Just recently, I almost got tempted to take a great mobile phone offer where I could get a ‘FREE’ Nokia E71. In return I would have to sign a 3-year contract with the mobile company. After thinking about it some more,I realised that I would only be selling myself into 3 years of slavery to pay for this ‘free’ phone. What if I hated their service? What if they raised the monthly cost? I couldn’t complain because they had supplied their end of the deal.

I decided I would just save up and pay for it in CASH, thank you.

Anyway, you can read more about my misadventures with debt and what I had to do to get myself out of the mess I had created when The 3 Ms of Money is published.

Keep thinking and acting Financially SMART!

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How to Earn More Money

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Very often, readers request advice on how to conquer their financial challenges. Most times their major issue is that they are not earning enough to pay their basic bills. As the cost of living increases, this problem only gets worse.

The reality is that it’s almost impossible in these times to expect that one job will be able to cover all our spending requirements. Many people try to borrow to make ends meet; but the only sustainable solution is to look around for other ways to earn more income.

Earning more is absolutely vital for financial success. Apart from the fact that many people do not earn enough to cover their basic expenses, they need to generate more money in order to achieve their financial goals. It’s also true that most persons don’t make full use of their abilities and time to make money. Continue reading How to Earn More Money →